Oil and Gas Exploration

Exploration for oil and gas on the Icelandic Continental Shelf is in an early phase. However, there is a considerable amount of geophysical data available, including academic, governmental, and industry datasets. The National Energy Authority is responsible for granting licences for prospecting, exploration and production of hydrocarbons. Applications for non-exclusive, prospecting licences are accepted at any time, whereas applications for exclusive, exploration and production licences are normally accepted in licence rounds. At present, no exploration and production licences have been granted on the Icelandic Continental Shelf.